Group 1: Report Information - Report Name: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [2] - Report Date: April 1, 2026 [2] Group 2: Spot Market Australia - **Newman Powder**: Latest price is 747, with no daily change and a weekly increase of 7. The discounted price on the futures market is 798.7, the forward price is 100.45, with a daily decrease of 0.65 and a weekly decrease of 1.65. The import profit is -30.36 [3] - **PB Powder**: Latest price is 777, with a daily decrease of 7 and a weekly decrease of 21. The discounted price on the futures market is 826.9 [3] - **Mac Powder**: Latest price is 766, with a daily decrease of 5 and a weekly decrease of 17. The discounted price on the futures market is 836.7, the forward price is 100.55, with a daily decrease of 0.60 and a weekly decrease of 0.75. The import profit is 11.38 [3] - **Jimbobara**: Latest price is 730, with a daily decrease of 7 and a weekly decrease of 21. The discounted price on the futures market is 821.5, the forward price is 96.90, with a daily decrease of 0.60 and a weekly increase of 0.45. The import profit is -3.86 [3] - **Mixed Powder**: Latest price is 709, with a daily decrease of 4 and a weekly decrease of 13. The discounted price on the futures market is 845.5, the forward price is 99.70, with a daily decrease of 0.85 and a weekly decrease of 1.20. The import profit is -40.67 [3] - **Ultra - Special Powder**: Latest price is 668, with a daily decrease of 3 and a weekly decrease of 10. The discounted price on the futures market is 887.6, the forward price is 94.15, with a daily decrease of 0.80 and a weekly decrease of 1.00. The import profit is -31.18 [3] - **Caribbean Powder**: Latest price is 943, with a daily decrease of 3 and a weekly decrease of 17. The discounted price on the futures market is 881.8, the forward price is 126.10, with a daily decrease of 0.75 and a weekly decrease of 1.10. The import profit is 6.88 [3] Brazil - **Brazilian Blend**: Latest price is 821, with a daily decrease of 4 and a weekly decrease of 21. The discounted price on the futures market is 827.6, the forward price is 113.90, with a daily decrease of 0.80 and a weekly decrease of 1.45. The import profit is -22.85 [3] - **Brazilian Coarse IOC6**: Latest price is 741, with a daily decrease of 7 and a weekly decrease of 17. The discounted price on the futures market is 818.9 [3] - **Brazilian Coarse SSFG**: Latest price is 746, with a daily decrease of 7 and a weekly decrease of 17 [3] Non - Mainstream - **Ukrainian Concentrate**: Latest price is 877, with a daily decrease of 4 and a weekly decrease of 18. The discounted price on the futures market is 957.6 [3] - **61% Indian Powder**: Latest price is 719, with a daily decrease of 7 and a weekly decrease of 21 [3] - **Carrara Concentrate**: Latest price is 880, with a daily decrease of 4 and a weekly decrease of 18. The discounted price on the futures market is 900.6 [3] - **Roy Hill Powder**: Latest price is 764, with a daily decrease of 7 and a weekly decrease of 21. The discounted price on the futures market is 841.0, the forward price is 99.60, with a daily decrease of 0.70 and a weekly decrease of 1.40. The import profit is 23.01 [3] - **KUMBA Powder**: Latest price is 836, with a daily decrease of 7 and a weekly decrease of 21. The discounted price on the futures market is 815.1 [3] - **57% Indian Powder**: Latest price is 600, with a daily decrease of 3 and a weekly decrease of 13 [3] - **Atlas Powder**: Latest price is 704, with a daily decrease of 4 and a weekly decrease of 13 [3] Others - **PB Lump / Lump Premium**: Latest price is 888, with a daily decrease of 5 and a weekly decrease of 20. The premium is 0.13, with no daily change and a weekly decrease of 0.0385 [3] - **Ukrainian Pellets / Pellet Premium**: Latest price is 877, with a daily decrease of 4 and a weekly decrease of 18. The premium is 17.35, with no daily change and a weekly increase of 0.05 [3] - **Domestic Ore (Tangshan Iron Concentrate)**: Latest price is 969, with no daily or weekly change. The discounted price on the futures market is 856.0 [3] Group 3: Futures Market Dalian Commodity Exchange - **i2701**: Latest price is 769.0, with a daily decrease of 2.5 and a weekly increase of 2.5. The monthly spread is 17.5, the basis is 46.1, with a daily decrease of 4.7 and a weekly decrease of 24.1 [3] - **i2605**: Latest price is 808.0, with a daily decrease of 5.0 and a weekly decrease of 16.0. The monthly spread is -39.0, the basis is 7.1, with a daily decrease of 2.2 and a weekly decrease of 5.6 [3] - **i2609**: Latest price is 786.5, with a daily decrease of 4.5 and a weekly decrease of 4.0. The monthly spread is 21.5, the basis is 28.6, with a daily decrease of 2.7 and a weekly decrease of 17.6 [3] Singapore Exchange - **FE01**: Latest price is 101.51, with a daily increase of 0.04 and a weekly decrease of 0.59. The monthly spread is 1.91, the basis is -21.3, with a daily increase of 1.8 and a weekly increase of 6.2 [3] - **FE05**: Latest price is 106.23, with a daily increase of 0.26 and a weekly decrease of 0.79. The monthly spread is -4.72, the basis is -16.7, with a daily decrease of 0.9 and a weekly decrease of 10.3 [3] - **FE09**: Latest price is 103.42, with a daily increase of 0.03 and a weekly decrease of 0.64. The monthly spread is 2.81, the basis is -16.8, with a daily increase of 2.9 and a weekly increase of 0.9 [3]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The short - term price of near - end iron ore is supported by factors such as the decrease in Australian shipments due to hurricanes, the increase in Brazilian shipments, the improvement of molten iron production after the Two Sessions, and the enhanced expectation of rising shipping costs caused by geopolitical conflicts. However, the medium - and long - term trend depends on the intensity of steel mill复产, the recovery rhythm of molten iron production, and the actual realization of terminal demand. The de - stocking pressure under the high - inventory background will restrict the upward movement of prices. The short - term trend is expected to be volatile, and cautious operation is recommended [2] Group 3: Summary by Relevant Catalogs 1. Basis Rate and Spot Price - The basis rate of I2701 on March 31, 2026, was 769.0, down 2.5 from March 30; the basis rate of I2605 was 808.0, down 5.0; the basis rate of I2609 was 786.5, down 2.0. The spot prices of various iron ore varieties also showed different degrees of decline, such as the price of Jinbuba powder dropped from 737 to 730, a decrease of 7.0 [1] 2. Index and Import Profit - Mysteel 65% index decreased by 21, Mysteel 62% index decreased by 30, Mysteel 58% index decreased by 21. Import profits of different varieties also changed, for example, the import profit of Newman powder increased by 0.11 [1] 3. MS Inventory - The total iron ore inventory on March 27, 2026, was 17000, down 98 from March 20. Australian ore inventory decreased by 8, Brazilian ore inventory decreased by 44, and trader inventory decreased by 53 [1] 4. Strategy - **Night - session review**: The futures price of iron ore i2605 closed at 815 yuan/ton, i2609 at 792.5 yuan/ton, and the 5 - 9 spread was 22.5 yuan. The price of Qingdao Port PB powder was 777 (-7) yuan/ton, and the optimal delivery product, Newman powder, was 789 yuan after discounting the warehouse receipt (factory warehouse) [1] - **Important information**: From March 23 to March 29, the total iron ore inventory of seven major ports in Australia and Brazil decreased by 120.7 tons to 1273.7 tons. In March, China's manufacturing, non - manufacturing, and comprehensive PMI output indexes all returned to the expansion range. On March 31, the transaction volume of iron ore at major ports increased by 98.5% month - on - month, while the transaction volume of construction steel by 237 mainstream traders decreased by 17.27% month - on - month. As of now, there are about 300 coking production enterprises in China, with a total coke production capacity of about 5.70 billion tons. In mid - March, the output of key coal enterprises increased by 4.8% month - on - month and 3.9% year - on - year [1] - **Trading strategy**: Volatile [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - After the Two Sessions, demand improved and this period's hot metal production increased slightly. The Iran conflict is expected to raise shipping costs, providing short - term support for iron ore prices. However, the medium - and long - term trend depends on the intensity of steel mill复产, the recovery rhythm of hot metal production, and the actual fulfillment of terminal demand. The de - stocking pressure under the high - inventory background will restrict the later price increase. Short - term negotiation progress should be monitored as prices fluctuate greatly and cautious operation is advised [3] 3. Summary According to Related Catalogs 3.1 Iron Ore Morning Report Data - **Futures Price Changes**: On March 27, 2026, for contract 12701, the price was 769.5, up 2.0 from the previous day; for 12605, it was 812.0, down 5.0; for 12609, it was 788.0, up 0.5 [1] - **Spread Changes**: The spread between 101 - 105 was - 42.5 on March 27, 2026, up 7.0; 105 - 109 was 24.0, down 5.5; 109 - 101 was 18.5, down 1.5 [1] - **Basis Changes**: 01 basis was 20 on March 27, 2026, up 5; 05 basis was - 23, up 19; 09 basis was 1, up 10 [1] - **Spot Price Changes**: The price of Jinbuba powder was 736 on March 27, 2026, down 8.0; PB powder was 783, down 8.0; Ximan powder was 747, unchanged; etc. [1] - **Import Profit Changes**: The import profit of Kabin powder was - 21 on March 27, 2026, down 41; Ximan powder was - 37, down 25; Jinbuba powder was - 13, down 35; etc. [1] - **Inventory and Shipment Data**: Total inventory on March 27, 2026, was 17,000, down 98 from March 20; Australian ore inventory was 8315, down 8; Brazilian ore inventory was 5030, down 44. Australian shipments to the world were 2458 on March 20, up 74 from March 13; Brazilian shipments were 549, down 23 [1] 3.2 Night - Session Review - **Futures and Spot Prices**: Futures iron ore i2605 closed at 813 yuan/ton, i2609 at 790 yuan/ton, and the 5 - 9 spread was 23 yuan. The price of PB powder at Qingdao Port was 783 (-8) yuan/ton, and the standard - product equivalent (warehouse) was 815 yuan. The optimal delivery product, Newman powder, had a warehouse receipt equivalent (warehouse) of 789 yuan [2] 3.3 Important Information - **Military Attack Impact**: On March 27, the US and Israel attacked Iranian steel mills. It is expected to create a rigid supply gap of 500 - 550 tons/year in the short term, with the most prominent gaps in plates, billets, and long - products [2] - **Market Transaction Volume**: On March 27, the national main - port iron ore trading volume was 66.50 tons, a 3.6% decrease from the previous day; 237 mainstream trading companies' construction steel trading volume was 9.44 tons, a 5.9% increase [2] - **Steel - Mill Production Indicators**: Last week, the blast - furnace operating rate of 247 steel mills was 81.03%, a 1.25 - percentage - point increase; the profit rate of steel mills was 43.29%, a 0.87 - percentage - point increase; the daily average hot - metal output was 231.09 tons, a 2.94 - ton increase. The average capacity utilization rate of 94 independent electric - arc - furnace steel mills was 58.87%, a 2.3 - percentage - point increase from the previous week and a 3.87 - percentage - point increase year - on - year. The average operating rate was 68.82%, a 1.93 - percentage - point increase from the previous week and a 4.51 - percentage - point decrease year - on - year [2] - **Real - Estate Transaction Data**: On March 28, the single - day online - signing trading volume of second - hand houses (including commercial properties) in Shanghai reached 1585 units, setting a new high in the past 5 years [3] 3.4 Long - Short Logic and Trading Strategy - **Long - Short Logic**: Friday's spot - market trading volume decreased, and spot prices fell by 3 - 8 yuan. In the short term, demand improvement, increased hot - metal output, and expected higher shipping costs support the iron - ore price. In the long term, the price trend depends on steel - mill复产, hot - metal output recovery, and terminal - demand fulfillment. High - inventory de - stocking pressure restricts price increases [3] - **Trading Strategy**: No specific trading strategy provided in the report

Group 1: Report Information - Report Title: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [2] - Date: March 27, 2026 [2] - Data Source: MYSTEEL [7] Group 2: Spot Market Information Australian Mainstream Iron Ore - Newman Powder: Latest price is 736, daily change is 10, weekly change is 4, converted to the disk is 786.7, import profit is -50.99 [3] - PB Powder: Latest price is 794, daily change is 10, weekly change is 4, converted to the disk is 845.6 [3] - Mac Powder: Latest price is 777, daily change is 10, weekly change is 0, converted to the disk is 848.7, import profit is 13.03 [3] - Jinbuba: Latest price is 747, daily change is 10, weekly change is 4, converted to the disk is 839.8, import profit is 16.74 [3] - Mixed Powder: Latest price is 720, daily change is 10, weekly change is 1, converted to the disk is 857.4, import profit is -34.72 [3] - Super Special Powder: Latest price is 678, daily change is 10, weekly change is 8, converted to the disk is 898.6, import profit is -25.13 [3] - Carat Powder: Latest price is 956, daily change is 10, weekly change is 8, converted to the disk is 895.8, import profit is 17.67 [3] Brazilian Mainstream Iron Ore - Brazilian Mixed: Latest price is 835, daily change is 10, weekly change is 8, converted to the disk is 842.8, import profit is -13.63 [3] - Brazilian Coarse IOC6: Latest price is 758, daily change is 10, weekly change is 8, converted to the disk is 837.4 [3] - Brazilian Coarse SSFG: Latest price is 763, daily change is 10, weekly change is 8 [3] Other Iron Ore - Ukrainian Concentrate: Latest price is 890, daily change is 10, weekly change is 7, converted to the disk is 962.2 [3] - 61% Indian Powder: Latest price is 736, daily change is 10, weekly change is 4 [3] - Karara Concentrate: Latest price is 893, daily change is 10, weekly change is 4, converted to the disk is 915.0 [3] - Roy Hill Powder: Latest price is 781, daily change is 10, weekly change is 4, converted to the disk is 859.6, import profit is 34.29 [3] - KUMBA Powder: Latest price is 853, daily change is 10, weekly change is 4, converted to the disk is 832.6 [3] - 57% Indian Powder: Latest price is 613, daily change is 10, weekly change is 8 [3] - Atlas Powder: Latest price is 715, daily change is 10, weekly change is 1 [3] Others - PB Lump/Ore Premium: Latest price is 905, daily change is 10, weekly change is 5 [3] - Ukrainian Pellet/Pellet Premium: Latest price is 890, daily change is 10, weekly change is 7 [3] - Tangshan Iron Concentrate: Latest price is 969, daily change is 6, weekly change is 0, converted to the disk is 856.0 [3] Group 3: Futures Market Information Dalian Commodity Exchange - i2701: Latest price is 767.5, daily change is 10.5, weekly change is 11.0, monthly spread is 20.0, basis/inner and outer disk spread (in RMB) is 65.1, daily change is -0.2, weekly change is -6.9 [3] - i2605: Latest price is 817.0, daily change is 10.5, weekly change is 9.5, monthly spread is -49.5, basis/inner and outer disk spread (in RMB) is 15.6, daily change is -0.2, weekly change is -5.4 [3] - i2609: Latest price is 787.5, daily change is 10.0, weekly change is 11.5, monthly spread is 29.5, basis/inner and outer disk spread (in RMB) is 45.1, daily change is 0.3, weekly change is -7.4 [3] Singapore Exchange - FE01: Latest price is 100.40, daily change is -1.50, weekly change is -1.27, monthly spread is 1.71, basis/inner and outer disk spread (in RMB) is -26.3, daily change is 1.3, weekly change is 8.4 [3] - FE05: Latest price is 104.39, daily change is -2.17, weekly change is -1.82, monthly spread is -3.99, basis/inner and outer disk spread (in RMB) is -7.9, daily change is -1.5, weekly change is 11.4 [3] - FE09: Latest price is 102.11, daily change is -1.60, weekly change is -1.37, monthly spread is 2.28, basis/inner and outer disk spread (in RMB) is -19.1, daily change is -1.5, weekly change is 10.6 [3]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Related Catalogs Spot Market - The latest price of the Platts 61 index is 109.45, with a daily change of -0.10 and a weekly change of 0.65 [3] - For Australian mainstream ores, Newman powder is priced at 740, with a daily change of 1 and a weekly change of 5; PB powder is 798, with a daily change of 1 and a weekly change of 1; etc [3] - For Brazilian mainstream ores, the price of Bahun is 842, with a daily change of 1 and a weekly change of 8; the price of Baocu IOC6 is 758, with a daily change of 1 and a weekly change of 1 [3] - The price of Tangshan iron concentrate powder (domestic ore) is 969, with a daily change of 0 and a weekly change of -4 [3] Forward Market - For DCE contracts, the latest price of i2701 is 766.5, with a daily change of 4.0 and a weekly change of 1.5; the latest price of i2605 is 824.0, with a daily change of 5.0 and a weekly change of 7.5; the latest price of i2609 is 790.5, with a daily change of 4.0 and a weekly change of 5.0 [3] - For SGX contracts, the latest price of FE01 is 102.10, with a daily change of -0.17 and a weekly change of 0.60; the latest price of FE05 is 107.02, with a daily change of -0.07 and a weekly change of 0.84; the latest price of FE09 is 104.06, with a daily change of -0.04 and a weekly change of 0.63 [3] Basis and Spread - The basis of i2701 is 70.2, with a daily change of -3.0 and a weekly change of -0.5; the basis of i2605 is 12.7, with a daily change of -4.0 and a weekly change of -6.5; the basis of i2609 is 46.2, with a daily change of -3.0 and a weekly change of -4.0 [3] - The spread between FE01 and FE05 is 1.96, with a daily change of 5.8 and a weekly change of 0.3; the spread between FE05 and FE09 is -4.92, with a daily change of 5.1 and a weekly change of 6.4; the spread between FE09 and FE01 is 2.96, with a daily change of 6.8 and a weekly change of 4.1 [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View No information provided. 3. Summary Based on Relevant Catalog Futures Prices - DCE01 increased from 759.0 to 762.5, a rise of 3.5 [2] - DCE05 increased from 815.5 to 819.0, a rise of 3.5 [2] - DCE09 increased from 781.0 to 786.5, a rise of 5.5 [2] Spread between Contracts - I01 - I05 remained unchanged at -56.5 [2] - I05 - I09 decreased from 34.5 to 32.5, a drop of 2.0 [2] - I09 - I01 increased from 22.0 to 24.0, a rise of 2.0 [2] Spot Prices - PB powder (60.8%) increased from 787 to 794, a rise of 7 [2] - Newman powder increased from 732 to 739, a rise of 7 [2] - Mac powder increased from 778 to 780, a rise of 2 [2] Spot Price Spreads - The spread between Carajás fines and PB powder remained unchanged at 157 [2] - The spread between Newman powder and Jimbour increased from -11 to -9, a rise of 2 [2] - The spread between Carajás fines and Jimbour increased from 205 to 207, a rise of 2 [2] Import Profits - The import profit of Carajás fines increased from 13 to 15, a rise of 2 [2] - The import profit of Newman powder increased from -23 to -22, a rise of 1 [2] - The import profit of PB powder decreased from -20 to -21, a drop of 1 [2] Platts Index - Platts iron ore 61% price increased from 108.4 to 109.6, a rise of 1.1 [2] - Platts iron ore 65% price increased from 126.1 to 127.2, a rise of 1.2 [2] - Platts iron ore 58% price increased from 98.1 to 99.1, a rise of 1.0 [2] USD Spread between Domestic and Overseas Markets - SGX main - DCE01 increased from 13.2 to 14.0, a rise of 0.8 [2] - SGX main - DCE05 increased from 6.7 to 6.8, a rise of 0.1 [2] - SGX main - DCE09 increased from 10.7 to 11.1, a rise of 0.4 [2]

Group 1: Report Information - Report Title: Iron Ore Morning Report [1] - Report Date: March 23, 2026 [2] - Report Team: Research Center Black Team [2] Group 2: Spot Market Australia - **Newman Powder**: The latest price is 737, with a daily change of 5 and a weekly change of 7. The discounted price on the disk is 787.8, the forward price is 103.15, with a daily change of 0.90 and a weekly change of 0.35. The import profit is -59.17 [3] - **PB Powder**: The latest price is 795, with a daily change of 5 and a weekly change of -2. The discounted price on the disk is 846.7 [3] - **MacPowder**: The latest price is 780, with a daily change of 3 and a weekly change of -5. The discounted price on the disk is 851.9, the forward price is 103.15, with a daily change of 0.80 and a weekly change of 0.40. The import profit is 7.90 [3] - **Jimbob**: The latest price is 748, with a daily change of 5 and a weekly change of -2. The discounted price on the disk is 840.9, the forward price is 97.45, with a daily change of 0.90 and a weekly change of 0.95. The import profit is 11.32 [3] - **Mixed Powder**: The latest price is 722, with a daily change of 3 and a weekly change of -8. The discounted price on the disk is 859.5, the forward price is 101.25, with a daily change of 0.70 and a weekly change of 0.50. The import profit is -37.61 [3] - **Ultra - Special Powder**: The latest price is 675, with a daily change of 5 and a weekly change of -3. The discounted price on the disk is 895.3, the forward price is 95.55, with a daily change of 0.80 and a weekly change of 0.50. The import profit is -33.00 [3] - **Carol Powder**: The latest price is 956, with a daily change of 8 and a weekly change of 6. The discounted price on the disk is 895.8, the forward price is 127.75, with a daily change of 0.70 and a weekly change of 0.25. The import profit is 9.55 [3] Brazil - **Brazilian Blend**: The latest price is 832, with a daily change of 5 and a weekly change of -2. The discounted price on the disk is 839.5, the forward price is 115.85, with a daily change of 0.75 and a weekly change of 0.60. The import profit is -24.35 [3] - **Brazilian Coarse IOC6**: The latest price is 755, with a daily change of 5 and a weekly change of -2. The discounted price on the disk is 834.2 [3] - **Brazilian Coarse SSFG**: The latest price is 760, with a daily change of 5 and a weekly change of -2 [3] Non - mainstream - **Ukrainian Concentrate**: The latest price is 888, with a daily change of 5 and a weekly change of -7. The discounted price on the disk is 980.2 [3] - **61% Indian Powder**: The latest price is 737, with a daily change of 5 and a weekly change of -2 [3] - **Karara Concentrate**: The latest price is 894, with a daily change of 5 and a weekly change of -7. The discounted price on the disk is 916.1 [3] - **Roy Hill Powder**: The latest price is 782, with a daily change of 5 and a weekly change of -2. The discounted price on the disk is 860.7, the forward price is 101.40, with a daily change of 0.85 and a weekly change of 0.50. The import profit is 29.39 [3] - **KUMBA Powder**: The latest price is 854, with a daily change of 5 and a weekly change of -2. The discounted price on the disk is 833.6 [3] - **57% Indian Powder**: The latest price is 610, with a daily change of 5 and a weekly change of -3 [3] - **Atlas Powder**: The latest price is 717, with a daily change of 3 and a weekly change of -8 [3] Others - **PB Lump/Lump Premium**: The latest price is 905, with a daily change of 5 and a weekly change of -8. The premium is 0.1685, with no daily change and no weekly change [3] - **Ukrainian Pellet/Pellet Premium**: The latest price is 888, with a daily change of 5 and a weekly change of -7. The premium is 17.50, with a daily change of 0.00 and a weekly change of -0.05 [3] - **Domestic Ore (Tangshan Iron Concentrate)**: The latest price is 969, with no daily change and a weekly change of -4. The discounted price on the disk is 856.0 [3] Group 3: Futures Market Dalian Commodity Exchange - **i2701**: The latest price is 759.0, with a daily change of 2.5 and a weekly change of 0.5. The monthly spread is 22.0, the basis/inside - outside spread is 28.8, with a daily change of 2.9 and a weekly change of 7.1 [3] - **i2605**: The latest price is 815.5, with a daily change of 8.0 and a weekly change of 4.0. The monthly spread is -56.5, the basis/inside - outside spread is -27.7, with a daily change of -2.6 and a weekly change of 3.6 [3] - **i2609**: The latest price is 781.0, with a daily change of 5.0 and a weekly change of 3.5. The monthly spread is 34.5, the basis/inside - outside spread is 6.8, with a daily change of 0.4 and a weekly change of 4.1 [3] Singapore Exchange - **FE01**: The latest price is 101.47, with a daily change of -0.20 and a weekly change of -1.60. The monthly spread is 1.86, the basis/inside - outside spread is -34.7, with a daily change of -3.1 and a weekly change of -4.1 [3] - **FE05**: The latest price is 106.03, with a daily change of -0.18 and a weekly change of -0.72. The monthly spread is -4.56, the basis/inside - outside spread is -19.3, with a daily change of -5.4 and a weekly change of -6.1 [3] - **FE09**: The latest price is 103.33, with a daily change of -0.15 and a weekly change of -1.32. The monthly spread is 2.70, the basis/inside - outside spread is -29.7, with a daily change of -5.1 and a weekly change of -3.7 [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The trading strategy for iron ore is to expect a volatile market [2] - The short - term support for iron ore prices comes from factors such as improved demand after the Two Sessions, a significant rebound in hot metal production, and the expected increase in shipping costs due to the Iran conflict. However, the medium - to - long - term trend depends on the intensity of steel mill复产, the recovery rhythm of hot metal production, and the actual realization of terminal demand. The de - stocking pressure under the high - inventory background will restrict the upward movement of prices later. The positive spread runs strongly, and short - term attention should be paid to the negotiation progress and cautious operation is required [2] Group 3: Summary According to the Catalog 1. Basis Rate - For I2701 on March 19, 2026, the price was 756.5, down 1.5 from March 18; I01 - I05 was - 51.0, up 2.0 from March 18 [1] - For I2605 on March 19, 2026, the price was 807.5, down 3.5 from March 18; I05 - I09 was 31.5, down 0.5 from March 18 [1] - For I2609 on March 19, 2026, the price was 776.0, down 3.0 from March 18; I09 - I01 was - 1.5, up 2 from March 18 [1] 2. Spot - The prices of various iron ore varieties on March 19, 2026, generally decreased compared with March 18. For example, the price of Jinbuba powder decreased by 3.0 to 743, and the price of PB powder decreased by 3.0 to 790 [1] - The optimal delivery product is Newman powder, with a price of 784 on March 19, 2026, up 16 from March 18 [1] 3. Index - Mysteel 65% index for the current month decreased by 0.80 to 106.30 on March 19, 2026, compared with March 18 [1] - Mysteel 62% index for 1 - month decreased by 1.49 to 107.31 on March 19, 2026, compared with March 18 [1] - Mysteel 58% index for 2 - month decreased by 1.24 to 106.21 on March 19, 2026, compared with March 18 [1] 4. MS Inventory - The total inventory on March 13, 2026, was 17188, up 70 from March 6 [1] - Australian ore inventory was 8329 on March 13, 2026, up 245 from March 6; Brazilian ore inventory was 5105, down 215 from March 6 [1] - The inventory of traders was 11450 on March 13, 2026, up 90 from March 6 [1] 5. Strategy - Night - session review: The futures price of iron ore i2605 closed at 814.5 yuan/ton, and i2609 closed at 781 yuan/ton. The 5 - 9 spread of iron ore was 33.5 yuan. The price of PB powder at Qingdao Port was 790 (- 3) yuan/ton, and the standard - product price (factory warehouse) was 822 yuan. The optimal delivery product, Newman powder, had a warehouse - receipt price (factory warehouse) of 773 yuan [1] - Important information: - This week, the supply of five major steel products was 839.82 million tons, a week - on - week increase of 18.85 million tons, an increase of 2.3%; the total inventory was 1946.23 million tons, a week - on - week decrease of 28.66 million tons, a decrease of 1.5%; the apparent consumption was 868.28 million tons, a month - on - month increase of 8.8% [1] - As of March 18, the resumption rate of 10692 construction sites across the country was 62%, a month - on - month increase of 19.5 percentage points, and a year - on - year decrease of 2.62 percentage points [1] - On March 19, the trading volume of iron ore at major ports across the country was 61.30 million tons, a month - on - month increase of 18.3%; the trading volume of construction steel of 237 mainstream traders was 8.99 million tons, a month - on - month increase of 1.2% [1] - On March 19, the average cost of 76 independent electric - arc furnace construction steel mills was 3403 yuan/ton, remaining stable day - on - day. The average profit was a loss of 89 yuan/ton, and the valley - electricity profit was 22 yuan/ton [1] - From January to February 2026, China's rebar production was 2691.0 million tons, a year - on - year decrease of 9.1% [1]

Group 1: Report Information - Report Title: Iron Ore Morning Report [1] - Report Date: March 19, 2026 [2] - Research Team: Black Team of the Research Center [2] Group 2: Spot Market Data Australia - **Newman Powder**: The latest price is 735, with no daily change and a weekly decrease of 34. The discounted futures price is 785.6, the forward price is 102.45, with a daily decrease of 1.40 and a weekly increase of 2.85. The import profit is -54.47 [3]. - **PB Powder**: The latest price is 793, with a daily decrease of 4 and a weekly increase of 20. The discounted futures price is 844.5 [3]. - **Mac Powder**: The latest price is 780, with a daily decrease of 5 and a weekly increase of 19. The discounted futures price is 851.9, the forward price is 102.50, with a daily decrease of 1.50 and a weekly increase of 3.15. The import profit is 14.05 [3]. - **Jimbobara Powder**: The latest price is 746, with a daily decrease of 4 and a weekly increase of 20. The discounted futures price is 838.8, the forward price is 96.70, with a daily decrease of 1.15 and a weekly increase of 4.15. The import profit is 16.14 [3]. - **Mixed Powder**: The latest price is 720, with a daily decrease of 4 and a weekly increase of 13. The discounted futures price is 857.4, the forward price is 100.65, with a daily decrease of 1.20 and a weekly increase of 3.25. The import profit is -33.81 [3]. - **Ultra - Special Powder**: The latest price is 670, with a daily decrease of 6 and a weekly increase of 15. The discounted futures price is 889.8, the forward price is 94.90, with a daily decrease of 1.10 and a weekly increase of 3.05. The import profit is -32.06 [3]. - **Caribbean Powder**: The latest price is 951, with a daily decrease of 2 and a weekly increase of 41. The discounted futures price is 890.4, the forward price is 127.25, with a daily decrease of 1.20 and a weekly increase of 2.80. The import profit is 9.94 [3]. Brazil - **Brazilian Mixed Powder**: The latest price is 830, with a daily decrease of 4 and a weekly increase of 20. The discounted futures price is 837.4, the forward price is 115.20, with a daily decrease of 1.05 and a weekly increase of 3.40. The import profit is -20.08 [3]. - **Brazilian Coarse IOC6**: The latest price is 753, with a daily decrease of 4 and a weekly increase of 20. The discounted futures price is 832.0 [3]. - **Brazilian Coarse SSFG**: The latest price is 758, with a daily decrease of 4 and a weekly increase of 20 [3]. Non - mainstream - **Ukrainian Concentrate**: The latest price is 890, with a daily decrease of 4 and a weekly increase of 23. The discounted futures price is 978.0 [3]. - **61% Indian Powder**: The latest price is 735, with a daily decrease of 4 and a weekly increase of 20 [3]. - **Karara Concentrate**: The latest price is 896, with a daily decrease of 4 and a weekly increase of 23. The discounted futures price is 918.3 [3]. - **Roy Hill Powder**: The latest price is 780, with a daily decrease of 4 and a weekly increase of 20. The discounted futures price is 858.5, the forward price is 100.70, with a daily decrease of 1.35 and a weekly increase of 3.20. The import profit is 33.83 [3]. - **KUMBA Powder**: The latest price is 852, with a daily decrease of 4 and a weekly increase of 20. The discounted futures price is 831.5 [3]. - **57% Indian Powder**: The latest price is 605, with a daily decrease of 6 and a weekly increase of 15 [3]. - **Atlas Powder**: The latest price is 715, with a daily decrease of 4 and a weekly increase of 13 [3]. Others - **PB Lump/Lump Premium**: The latest price is 905, with a daily decrease of 5 and a weekly increase of 22. The lump premium is 0.1685, with no daily change and a weekly decrease of 0.002 [3]. - **Ukrainian Pellet/Pellet Premium**: The latest price is 890, with a daily decrease of 4 and a weekly increase of 23. The pellet premium is 17.55, with no daily change and a weekly decrease of 0.10 [3]. - **Tangshan Iron Concentrate**: The latest price is 969, with a daily decrease of 4 and a weekly increase of 6. The discounted futures price is 856.0 [3]. Group 3: Futures Market Data Dalian Commodity Exchange - **i2701**: The latest price is 758.0, with a daily decrease of 7.0 and a weekly increase of 17.5. The monthly spread is 21.0, the basis/inside - outside spread is 27.6, with a daily increase of 7.0 and a weekly decrease of 42.8 [3]. - **i2605**: The latest price is 811.0, with a daily decrease of 5.5 and a weekly increase of 23.5. The monthly spread is -53.0, the basis/inside - outside spread is -25.4, with a daily increase of 5.5 and a weekly decrease of 48.8 [3]. - **i2609**: The latest price is 779.0, with a daily decrease of 6.5 and a weekly increase of 20.5. The monthly spread is 32.0, the basis/inside - outside spread is 6.6, with a daily increase of 6.5 and a weekly decrease of 45.8 [3]. Singapore Exchange - **FE01**: The latest price is 102.39, with a daily increase of 0.89 and a weekly increase of 2.55. The monthly spread is 2.00, the basis/inside - outside spread is -32.9, with a daily decrease of 0.4 and a weekly increase of 5.4 [3]. - **FE05**: The latest price is 107.45, with a daily increase of 1.27 and a weekly increase of 4.37. The monthly spread is -5.06, the basis/inside - outside spread is -20.8, with a daily decrease of 2.4 and a weekly decrease of 4.3 [3]. - **FE09**: The latest price is 104.39, with a daily increase of 0.96 and a weekly increase of 3.08. The monthly spread is 3.06, the basis/inside - outside spread is -28.0, with a daily increase of 0.5 and a weekly increase of 4.0 [3].

Group 1: Report Information - Report Title: Iron Ore Morning Report [1] - Team: Research Center Black Team [2] - Date: March 17, 2026 [2] Group 2: Spot Market - **Price Changes**: The latest price of the Platts 61 index is 109.10, with a daily change of 4.00 and a weekly change of 7.75 [3]. - **Regional Price Details**: In Australia, Newman powder is 730, with a weekly change of -38; PB powder is 792, with a daily change of -5 and a weekly change of 20; etc. In Brazil, the price of Ba Hun is 829, with a daily change of -5 and a weekly change of 24 [3]. - **Import Profits**: Import profits vary by variety, such as -62.02 for Newman powder and 11.59 for Mac powder [3]. Group 3: Forward Market - **Exchange Contracts**: On the Dalian Commodity Exchange, the latest price of i2701 is 758.5, with a weekly change of 17.5; on the Singapore Exchange, the latest price of FE01 is 101.66, with a daily change of -1.41 and a weekly change of 3.85 [3]. - **Price Differences**: There are differences in prices between different contracts and time periods, such as the monthly spread of i2701 being 19.0 [3].